| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14059 |
| 来源ID | Working Paper 14059 |
| Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines | |
| Efraim Benmelech; Nittai K. Bergman | |
| 发表日期 | 2008-06-06 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | How do liquidation values affect financial contract renegotiation? While the 'incomplete contracting' theory of financial contracting predicts that liquidation values determine the allocation of bargaining power between creditors and debtors, there is little empirical evidence on financial contract renegotiations and the role asset values play in such bargaining. This paper attempts to fill this gap. We develop an incomplete-contracting model of financial contract renegotiation and estimate it using data on the airline industry in the United States. We find that airlines successfully renegotiate their lease obligations downwards when their financial position is sufficiently poor and when the liquidation value of their fleet is low. Our results show that strategic renegotiation is common in the airline industry. Moreover, the results emphasize the importance of the incomplete contracting perspective to real world financial contract renegotiation. |
| 主题 | Financial Economics ; Corporate Finance ; Other ; Law and Economics ; Industrial Organization ; Industry Studies |
| URL | https://www.nber.org/papers/w14059 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571734 |
| 推荐引用方式 GB/T 7714 | Efraim Benmelech,Nittai K. Bergman. Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14059.pdf（305KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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